LM Funding is proud to have helped hundreds of Condominium and Homeowner Associations across Florida since 2008. As a publicly traded company with over 14,000 collection events under our belt, we have seen it all. Find out how we can help you too!
LM Funding pays the “Safe Harbor” amount up front and covers all legal fees and costs. LM Funding retains collected interest and late fees and the association receives all recovered assessments. This product is ideal for Associations whose governing documents mirror Florida Statutes 718/720.
LM Funding pays the “Safe Harbor” amount up front and covers all legal fees and costs. Upon collection, LM Funding recovers its funding amount and legal expenses, the remainder of the proceeds are split with the association. This product is ideal for Associations whose governing documents are lacking the full powers provided by Florida Statutes 718/720.
Here is a great article from Buildium to help managers in the back office!
www.buildium.com/blog/bookkeeping-basics-for-property-managers/
10 Bookkeeping Basics For Better Property Accounting
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Feeling overwhelmed by property accounting? Read on for 5 bookkeeping basics and tips that will help keep your business ...Has your community association been putting off some required maintenance? Take a look at our most recent articles on the dangers of Deferred Maintenance and what you need to do to prevent it.
#CashForDelinquencies #guaranteedcollections #deferredmaintenance #COA #condocollections #hoa #homeownerassociation #HOACollections
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The Dangers of Deferred Maintenance at Your Community Association - LM Funding
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Putting off maintenance will always cost your HOA or COA more in the long run. You’re only prolonging the inevitable a...Pay now or pay more later !
It's a beautiful morning for some continuing education!
#CashForDelinquencies #guaranteedcollections #COA #condocollections #hoa #homeownerassociation #HOACollections
Be sure to stop by and see us tomorrow at the Pompano Cam CE Breakfast! It’s sure to be a great event!
#CashForDelinquencies #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
Are you sure you know exactly how a special assessment works? We’ve got everything you’ve ever wanted to know about special assessments but have been afraid to ask in our most recent article. Click on the link below to become a special assessment expert!
lmfunding.com/what-are-association-special-assessments/
#CashForDelinquencies #GuaranteedCollection #SpecialAssessment #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
What Are Association Special Assessments? - LM Funding
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Unexpected association expenses happen. One of the ways you can go about paying for them is a special assessment. These ...The foreclosure data for Q2 is out and a Florida County is once again in the top 10 list. Make sure to always be on the lookout for bank foreclosures in your community association. When one pops up you need to act fast!
bit.ly/Q2-Foreclosure-Rates
#CashForDelinquencies #guaranteedcollection #COA #condocollections #hoa #homeownerassociation #HOACollections
Top 10 U.S. Metros with Highest Foreclosure Rates in Q2 2021
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This ATTOM #FiguresFriday post uncovers those top 10 metro areas with the highest foreclosure rates in Q2 2021.Association Reserves are still top of mind for many of our clients. Our latest article focuses on the two different reserve methods associations utilize. Let us know what questions you have!
lmfunding.com/association-reserve-funding-methods-pooled-vs-component/
#CashForDelinquencies #reservestudy #pooledreserves #componentreserves #COA #condocollections #hoa #homeownerassociation #HOACollections
Association Reserve Funding Methods: Pooled vs Component - LM Funding
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Are you wondering about the best way to allocate reserve funds for your homeowners’ association or condo association? ...How much is a new roof going to cost your association 20 years from now? If you’re not sure don’t panic. All you need is a Reserve Study! Take a look at our latest article to learn just how important a Reserve Study is for your association. lmfunding.com/does-my-association-need-a-reserve-study/
#CashForDelinquencies #ReserveStudy #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
Does My Association Need a Reserve Study? - LM Funding
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Few things are more frustrating for your association than dealing with unexpected repair and replacement costs. Repairs ...When budgeting for reserves it’s important to think about what your projects will cost in the future. Don’t let inflation sneak up on you!
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#CashForDelinquencies #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
Inflation climbs higher than expected in June as price index rises 5.4%
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The consumer price index was expected to increase 5% year over year in June, according to economists surveyed by Dow Jon...Amending your declaration is a great way to stay up to date with changing statutes. We recently helped our friends at Library Lake complete theirs. Give us a call if you are looking for some tips on how to amend yours!
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
How does an extra $500? It all starts with you connecting us to a Condo or Homeowner association! Click the link below to learn more!
lmfunding.com/referralprogram/
Community Associations Institute is taking a deeper look into the aging infrastructure at condominiums. Take a look at the video below!
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
When was the last time your association underwent an audit? Our article explores the importance of an audit and what should be included!
lmfunding.com/the-importance-of-auditing-your-association-finances/
#CashForDelinquencies #Audit #COA #condocollections #hoa #homeownerassociation #HOACollections
The Importance of Auditing Your Association Finances - LM Funding
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Performing an audit of your association’s finances is crucial to keeping your HOA running smoothly. It can definitely ...Tropical storm Elsa could be heading for Florida in the coming days. Take a look at our article on how to prepare your association for this storm.
lmfunding.com/preparing-your-association-for-hurricane-season/
#CashForDelinquencies #associationspotlight #COA #condocollections #hoa #homeownerassociation #HOACollections
Preparing Your Association for Hurricane Season - LM Funding
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Summer is quickly approaching, and that means hurricane season! Hurricane preparedness comes as second nature for most F...We were introduced to Emory Master by our friends at Barkley Master in 2019. It was love at first sight! We look forward to working together for years to come!
#CashForDelinquencies #associationspotlight #COA #condocollections #hoa #homeownerassociation #HOACollections
It’s finally summertime, and you know that that means…
POOL MAINTENANCE! Take a gander at our one-stop-shop article to see what you need to be doing to keep your pool in tip-top condition.
lmfunding.com/a-guide-to-pool-maintenance-for-your-association/
#CashForDelinquencies #pool #Foreclosures #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
A Guide to Pool Maintenance for Your Association - LM Funding
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A pool is a fantastic attraction for any association, especially in Florida where it can be used year-round. But keeping...May Foreclosures are up 36 percent! Take some time to review your delinquency report before it’s too late!
bit.ly/LMF-May-Foreclosures-Are-Up
#CashForDelinquencies #Foreclosures #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
May Foreclosure Starts Up 36 Percent Year-Over-Year | ATTOM
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ATTOM, parent company to RealtyTrac, releases May 2021 U.S. foreclosure report and launches new, enhanced platform.Is your association doing everything it can to ensure resident’s safety? Adding security cameras is a great way to beef up your security! Take a look at our latest article highlighting the right way to deploy them!
lmfunding.com/guidelines-for-security-cameras-in-your-association/
#CashForDelinquencies #SecurityCamera #Security #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
Guidelines for Security Cameras in Your Association - LM Funding
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Are you looking for an added level of security for your association? Security cameras are a great way to ensure that you...We are proud to include Townhomes of Oriole in our Association Spotlight! We started working here over 6 years ago and look forward to many more memories and collections!
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
We throw around the term "Safe Harbor" all the time, but what does it mean for associations? Caitlin Dreher from Business Law Group wrote an article to help board members know what all the fuss is about!
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#CashForDelinquencies #safeharbor #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
What is Safe Harbor? - LM Funding
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We frequently throw around the term “Safe Harbor” in our industry, but often forget to explain what it means. We ask...Check out some of the important bills that affect your association!
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollectionsFlorida 2021 Legislative Summary Report
The Florida Legislature passed a number of bills during the 2021 Florida Legislative Session impacting community associations.
The CAI-FLA committee, which lobbies on behalf of Florida community associations and their managers and business partners, was instrumental in shaping these new laws, and in some cases, defeating unwanted legislation. We thank them for the hundreds of hours they spend volunteering their time to advocate for strong public policy for Florida communities. bit.ly/3bLvxBu
HERE IS WHAT THE NEW LEGISLATION MEANS TO YOU
SB 630 Community Associations
Senate Bill 630 is the most significant legislation affecting community associations. The CAI-FLA committee championed much of this legislation, and mitigated some of the less desirable provisions, in order to address a number of community needs. The most significant changes include:
627.714(4), Florida Statutes Condominium unit owner insurers may not sue condominiums for subrogation unless the condominium’s insurer may sue the unit owner for subrogation. This is intended to eliminate the recent spate of questionable subrogation lawsuits against condominium associations.
718.1265(1), 719.128 and 720.316, Florida Statutes Expands condominium, homeowners’ and cooperative association emergency powers to address pandemics. Powers include holding any type of meeting by phone or video conference. Associations may now implement plans based on the advice of public health officials. Associations may not stop owners from accessing their homes and units unless a government order also prohibits access.
720.306(1)(h), Florida Statutes Limits homeowners’ association rental restrictions adopted after July 1, 2021 to those owners who consent and to anyone who buys a home after the amendment. Rental restrictions adopted after July 1, 2021 will not apply to owners who do not consent or owners who acquire title through inheritance or transfer for estate planning or some types of business acquisition. This change does not apply to amendments that prohibit or regulate leases of six months or less or prohibit more than three leases in a year. All homeowners can be subjected to such “short term” restrictions, even if they do not consent to them.
718.111(12)(2)(i), Florida Statutes Condominiums may charge a transfer fee of $150 per applicant. The fee may be increased every five years per the Consumer Price Index as determined by the DPBR. Spouses, parents, and dependent children are considered one applicant.
720.306(1)(g), Florida Statutes Deletes the requirement that homeowners’ associations send meeting notices using the county property appraiser’s address records. Homeowners’ associations may go back to using the last address provided by the homeowner.
718.111(12)(c)1 and 719.104(2)(c), Florida Statutes Condominiums and cooperatives may not require that unit owners give reasons for their records inspection requests. Renter records access is limited to the declaration, bylaws and rules.
718.111(12)(g), Florida Statutes Condominium associations required to maintain a website may make their official records available on mobile apps as well as websites.
718.111(12)(g)(2)k and 720.303(2)(c), Florida Statutes Condominium and homeowners’ association boards may adopt rules for posting notice of meetings on websites and mobile apps, provided website and app notices are emailed to members who have consented to receive electronic notice. Notices must also be posted on the property and when required mailed, e-mailed or personally delivered.
718.112, 719.106, and 720.3075(6), Florida Statutes Condominium, homeowners’, and cooperative associations may get rid of discriminatory language through Section 712.065, Florida Statutes by the approval of a majority of the board.
718.112(2)(d)2, Florida Statutes Start counting condominium board member eight-year term limits for terms that began on or after July 1, 2018.
718.112(2)(d)3, Florida Statutes Written notice of condominium meetings must include an agenda. If the bylaws do not specify when written notice of meetings other than annual meetings must be given, notice must be sent and posted at least 14 continuous days before the meeting.
718.112(2)(d)4, Florida Statutes Second notices of condominium elections must be sent 14 to 34 days before the election.
718.111(12)(2)j, 719.106, 719.1255, and 720.303(10) Florida Statutes Anyone wishing to challenge a recall has the option of filing a court action as well as a petition for arbitration with the Division of Condominiums.
718.1255, Florida Statutes Adds pre-suit mediation to the list of mandatory alternative dispute resolution options required before a lawsuit is filed. The other option is mandatory arbitration. All residential condominiums are subject to the alternative dispute resolution mediation and arbitration process in Section 718.1255, Florida Statutes.
718.111(12)(2)(p), Florida Statutes Deleted the prohibition against condominium associations contracting with companies owned by board members or their relatives. Board members must still disclose any conflicts of interest and abstain from voting as required by Section 718.3027, F.S..
718.113(8) Florida Statutes Expands the ability of condominium unit owners and associations to install electric charging and natural gas fueling stations on condominium property. Addresses where they may be installed and who pays to install and use them.
718.121(4), Florida Statutes Condominium notices of intent to lien are deemed to have been delivered on mailing, provided the notices conform substantially to the form in the statute.
718.303(3)(b) and 720.305(2)(b), Florida Statutes Condominium and homeowners’ association fines are now due five days after notice has been provided to the person who was fined.
718.111(12)(a)11 and (b), Florida Statutes Condominium associations must keep bids for at least one year from receipt of the bid.
720.303(6), Florida Statutes Homeowners’ associations are not required to fund or continue funding reserves unless mandated by a vote of the members or the association’s governing documents. A budget created by the developer which includes funded reserves no longer will result in mandatory reserves.
718.202(3), Florida Statutes A condominium developer may use the sales and reservation deposits collected prior to closing for the actual cost of construction, which is strictly limited to construction costs, not marketing, attorney, loan, insurance, or accounting fees.
719.106(1)(b)5 and 128(a), Florida Statutes Real time phone and video conference attendance at board and committee meetings counts towards a quorum and votes may be cast as if physically present.
720.303(4), Florida Statutes All homeowners’ association election records must be kept for at least one year.
720.303(5), Florida Statutes Gated homeowners’ association visitor records are exempt from inspection and copying.
House Bill 403 Home-Based Businesses
§ 559.955 Florida Statutes is created: This legislation, passed in the final moments of the Session, prohibits some of the current local government regulation placed on home-based business. CAI had concerns with this bill when it was originally filed and immediately went to work to have all associations (condominiums, cooperatives and HOAs) exempted from it should it go on to pass. Much the same as we did with the Vacation Rental legislation. This bill did pass but we made certain our “association protection” language stayed in place. So, whatever restrictions are in place by an association currently, (or created in the future) are not overridden or preempted.
House Bill 463 Community Association Pools
§ 514.0115(3), Florida Statutes Private community association pools serving 32 or fewer units are exempt from Dept. of Health supervision, except to ensure water quality.
House Bill 649 Petition for Objection to Tax Assessment
§ 194.011, Florida Statutes Condominium, cooperative, and homeowners’ associations may protest tax assessments on behalf of their owners.
Senate Bill 56 Community Association Assessment Notices
§ 718.116(6), 719.108(3), and 720.3085(3) Florida Statutes Condominium intent to foreclose notices must now give 45 days warning instead of 30. Condominium, cooperative, and homeowners’ association assessment and rent invoices must be delivered by first class mail or to the owner’s e-mail address. Before changing the method of delivering an invoice for assessments or rent, associations must first deliver written notice of the change to the owner by first class mail at least 30 days before sending assessment or rent invoices. Owners must affirmatively acknowledge the change electronically or in writing. At least one “notice of late assessment” in the new form provided, must give delinquent owners a 30 day notice and opportunity to pay without also having to pay attorney’s fees.
House Bill 421 Governmental Actions Affecting Private Property Rights
§ 70.001, Florida Statutes Private property owners burdened by government actions keep their right to make claims even after they have transferred ownership of their property.
Senate Bill 1966 Department of Business and Professional Regulation
§ 718.112 and 719.106, Florida Statutes Condominium board members are only subject to disqualification for assessment delinquency instead of any monetary obligation. Defines the due date for payment. Requires that condominium and cooperative boards adopt annual budgets at least 14 days before the fiscal year otherwise the prior year’s budget continues in effect until a new budget is adopted. Further, if a Board fails to timely adopt the budget a second time, it will result in a minor violation and likely monetary penalties from the DBPR.
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New home sales were lower than expected last month. We included the data below. A condo sale is a great way to pull back any owed assessments since title companies will always request an estoppel. Luckily LM Funding has collected on over 14,000 units so we have plenty of ways to get your past due assessments back.
www.census.gov/construction/nrs/pdf/newressales.pdf
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
The days of having to keep track of your association's records may soon be over! Take a look at our article on how the blockchain may be the future for your association.
lmfunding.com/could-blockchain-be-used-for-association-recordkeeping/
#CashForDelinquencies #COA #blockchain #condocollections #hoa #homeownerassociation #HOACollections
Could Blockchain Be Used for Association Recordkeeping? - LM Funding
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You may have heard of blockchain, the technology that’s at the root of cryptocurrencies such as Bitcoin—but have you...For the past decade we’ve helped The Grande Downtown Orlando keep their delinquent units to a minimum. We’re proud to have provided over $70,000 in initial funding to protect their budget. Give us a call to see how much cash we can provide to your association!
#CashForDelinquencies #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
Has your association felt the impact of rising inflation?
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#CashForDelinquencies #inflation #COA #condocollections #hoa #homeownerassociation #HOACollections
Inflation from Economic Reopening is Here | Eye On Housing
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Both headline inflation and core inflation jumped in April, reflecting strong consumer demand for products and services ...Foreclosure activity is slowing down across the nation. What does it look like at your association?
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#CashForDelinquencies #HuricaneSeason #COA #condocollections #hoa #homeownerassociation #HOACollections
U.S. Foreclosure Activity Declines As Moratorium Passes 1 Year | ATTOM
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ATTOM's April 2021 U.S. Foreclosure Market Report shows that foreclosure filings are down 1% from March 2021 and down 17...#hurricaneseason is just around the corner. Is your association ready?
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#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
Preparing Your Association for Hurricane Season - LM Funding
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Summer is quickly approaching, and that means hurricane season! Hurricane preparedness comes as second nature for most F...What a great story! LM Funding is proud to be a member of CAI!Scholarships awarded today! Thanks for joining with CAI Gives Back to help fund the 2021 scholarship for the Future Educators of America Broward Chapter! Check out the story here. cai-seflorida.org/cai-gives-back/
Property fraud in South Florida is no laughing matter. Maybe the blockchain will prevent these ownership scams in the future? Until then sign up for free alerts so that you can stay ahead of the latest tricks and scams! We included the links for the county sites below.
bit.ly/LMF-Property-Fraud-Broward-County
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#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
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Owner Alert is a free service designed to help you protect your property from scams or fraud by notifying you if a docum...CAI Orange County is always planning fun events. Go for the poker and stay for all the helpful information they provide for associations!
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When this happens, it's usually because the owner only shared it with a small group of people, changed who can see it or...Part I of Business Law Group, P.A. article on the foreclosure process was a hit so we wanted to share the much-anticipated part II! bit.ly/LMF-What-Happens-In-Foreclosure-II
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
What Happens in a Foreclosure?: Part II - Litigation
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In the last entry, we covered the pre-litigation steps. Once those steps have been completed, the foreclosure litigation...Association estoppels can be confusing if you’ve never had to deal with one before. Take a look at our newest article that focuses on what’s included in an estoppel and what companies can help you create them!
lmfunding.com/what-is-an-association-estoppel.../
#CashForDelinquencies #HomeWiseDocs #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
What Is an Association Estoppel and What Needs to Be Included in It? - LM Funding
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Are you getting questions about estoppel letters or certificates? It can be confusing! However, it’s important knowled...With over 90 successful collections we are thrilled to have helped our friends at Willowbrook COA over the years!
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
Our friends at Attom Data are sharing some interesting information about foreclosure trends across the country. Take a look to see how it may be affecting your association.
bit.ly/LMF-Florida-Foreclosure-Activity
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
We believe that educating boards is one of the most important aspects of our job. Attached is part one of a two part article from Business Law Group highlighting what happens in the foreclosure process.
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#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
What Happens in a Foreclosure? : Part 1 – Pre-Litigation
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When an owner is delinquent, your attorney will first send a Notice of Intent to File a Lien to the unit owner. From the...This topic keeps coming up time and time again! Take a look at what CAI is recommending you do to keep your pool safe.
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Opening and Operating Community Pools during COVID-19 - HOAresources
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The leading resource for HOA managers: Practical advice and best practices for condominium and homeowners association le...This might sound crazy, but we think it's possible for associations and pets to live together in peace! Check out our latest article on what you can do to make your community association more pet-friendly.
lmfunding.com/7-tips-for-making-your-association-pet-friendly/
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
7 Tips for Making Your Association Pet-Friendly - LM Funding
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It’s no secret that Floridians love their furry friends. Because of this, it’s easy to see why many homeowners might...My stock shares in this company keep tanking price. That sounds crazy. Nobody investing here. 😕. Just losing money.
In all our years in business, we have never heard anyone say "I'm so excited to look at my association's governing docs!" Luckily, Business Law Group, P.A. recently posted a great article about the importance of recognizing "Kaufman Language" in them. It should make the reading just a little bit easier!
#CashForDelinquencies #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
www.blawgroup.com/blog/what-version-of-the-statute-applies-to-your-association
What Version of the Statute Applies to Your Association?
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Condominium Declarations are long and dense documents which outline the rules the members of the association and the boa...We don’t pick favorites at LM Funding, but you will hear a few associations come up more than others at the watercooler. After 11 years of partnership, we cannot imagine what it would be like to not have our amazing friends at Central Park a Metro West Association. We look forward to many more years of laughing and working together.
#CashForDelinquencies #COA #CondoCollections #HOA #HomeownerAssociation #HOACollections
We saw this article from CAI Law Reporter and had to share it. It centers around lien priority for Condos in the state of Oregon. Lien priority is one of the most important aspects of collecting on past due assessments and Oregon lenders have been put on notice.
newsmanager.commpartners.com/cailaw/issues/2021-03-26.html#1
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
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Tanglewood Hills Condominium Association (association) governed a condominium in Clackamas County, Ore. Zahid Sulejmanag...Are any tenant occupied units in your association behind on their assessments? Rental demands can be a fantastic tool to recoup your past due assessments. Rising rental rates will only make this more important going forward.
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
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Top 10 SFR Growth Counties with Greatest Annual Increases | ATTOM
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This post digs into the data behind our 2021 SFR report to reveal the top 10 SFR Growth counties with the greatest incre...We are proud to welcome Point Lake Villas into the LM Funding family! We look forward to years of great work!
#CashForDelinquencies #COA #condocollections #hoa #homeownerassociation #HOACollections
